US stocks near flat amid ongoing trade uncertainty

Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, US May 31, 2019. — Reuters pic
Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, US May 31, 2019. — Reuters pic

NEW YORK, June 12 — Wall Street stocks were little changed early today amid uncertainty over ongoing US-China trade developments, while tepid US inflation data boosted speculation of a Federal Reserve interest rate cut.

Analysts described the muted open as a continuation of yesterday’s session, when major indices edged lower after surging over the prior week.

About 30 minutes into trading, the Dow Jones Industrial Average was unchanged at 26,048.64.

The broad-based S&P 500 was down less than 0.1 per cent at 2,884.47, while the tech-rich Nasdaq Composite Index dipped 0.2 per cent to 7,804.48.

Falling prices for energy and used cars held down US inflation in May, extending the long run of soft price pressures.

The Consumer Price Index — which tracks costs for household goods and services — rose a token 0.1 per cent last month compared to April, matching analyst forecasts, the Labor Department reported.

Analysts continue to watch for trade developments, with Briefing.com analyst Patrick O’Hare citing news reports discussing “how the US and China aren’t making much of an effort these days to arrange new trade discussions.” — AFP

Related Articles